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Petrobras cancels three Ultrapetrol charters

Petrobras cancels three Ultrapetrol charters
Petrobras has cancelled three charter contracts for Ultrapetrol PSV's UP Amber, UP Pearl, and UP Esmeralda.

Ultrapetrol is now “exploring alternative courses of action” for the three vessels, and is hoping to redeploy them in other markets, the company said in a statement.

The cancellations of the charters for the three Panama-flagged vessels was likely undertaken as part of Brazil’s local content regulations, with six Brazil-or-Brazil-Special-Registry-flagged Ultrapetrol vessels still in charter.

One non-Brazil flagged vessel, UP Coral, also remains under employment with Petrobras, while two laid-up North Sea vessels, UP Agate and UP Jasper, are participating in tenders to enter service with Petrobras as an RSV subsea support vessel and a PSV with Brazil-Special-Registry rights.